“State” funds stimulate new drivers of state capital

2022-06-23 0 By

As one of the important levers of “capital management”, the “country” fund is growing.According to the incomplete statistics of the data center of the state Enterprise Reform consultation, up to now, the scale of state-owned funds such as state-owned enterprise mixed reform and Shuangbai Fund led by relevant departments and central enterprises has exceeded 3.2 trillion yuan.In terms of projects, state-owned and central enterprises and emerging industry projects are favored by state capital funds.Insiders believe that the acceleration of the establishment and operation of trillion-level state-owned assets funds will help to create a new situation in the reform of state-owned enterprises and stimulate the vitality of the capital market.At the level of central enterprises, state-level funds led by Chengtong and Guoxin are growing.From the first phase of the National Reform Fund in 2016 to the mixed-use Reform Fund in 2020 and the second phase of the National Reform Fund in 2021, Chengtong Fund has become an important capital force for the three-year action task of promoting soE reform.In the market attention of the major projects, China Chengtong frequently appeared.In the investment map of national Adjustment Fund and mixed reform Fund, there are not only China Telecom’s return to A-share market, CGN new energy and other key industries restructuring and upgrading projects, but also investment in general technology, CoSCO Leasing and other projects to support the deepening of mixed reform by subsidiaries of central enterprises.Not only forward-looking strategic emerging areas, investment sinopharm Group Tiantan Biological, China Resources Microelectronics and other enterprises, but also with local governments and first-class enterprises to set up sub-funds, guided and driven social capital of nearly 100 billion yuan.”The total scale of China Chengtong Fund system has exceeded 660 billion yuan, with a total investment of more than 160 projects and an amount of nearly 150 billion yuan.We will help a number of central enterprise industrial groups and state-owned capital investment companies to become long industrial chains in integrated circuit manufacturing, equipment manufacturing, ocean transportation, communications, steel, aviation and other industries.Zhu Bixin, party secretary and chairman of China Chengtong Group, said the fund has become a vane in the investment sector.By the end of 2021, the Fund had delivered nearly 140 projects with an investment of more than 110 billion yuan, of which 82 percent were projects related to central and state-owned enterprises.Guoxin Fund is also making full efforts to implement the national innovation-driven strategy and promote the reform of state-owned assets and enterprises.”Since the establishment of the first fund in 2014, the Guoxin Fund has invested in nearly 200 projects with an investment amount of nearly 120 billion yuan, with good returns.”China’s new Party secretary and chairman Zhou Yubo said.Zhou Yubo introduced that by the end of 2021, China New Fund has invested in more than 170 strategic emerging industry projects, the amount of more than 90 billion yuan, accounting for 80% of the total investment, to achieve full coverage of strategic emerging industries in 9 sub-areas.Among them, The State Venture Capital fund has invested a number of high-quality projects with high technological content and great market influence around key core technologies, including Fueneng Technology, Cambrian, Megvii technology, Montage Technology and so on.Guoxin Fund has invested in more than 130 projects of central and local state-owned enterprises with a total investment of nearly 100 billion yuan, more than 80% of the total investment amount.The Guoxin SOE Reform fund has invested in 27 “Double Hundred Enterprises” and their subsidiaries, 8 “science reform demonstration enterprises” and their subsidiaries, and 1 State-Owned enterprise in comprehensive reform pilot area. It has promoted the completion of more than 300 comprehensive reforms and brought about more than 40 billion yuan of private capital investment.Experts said that the two state-owned capital operating companies, through their heavyweight fund teams, provide the majestic power and “blood” support of state-owned capital for the construction of a new development pattern.With the acceleration of the soE reform, local state-owned capital funds have mushroomed, focusing on soE reform, mixed reform, comprehensive reform experiment, credit guarantee, innovative development and other aspects.At present, soE reform funds have been launched in Beijing, Zhejiang, Guangdong, Shandong and Yunnan provinces.Funds have been set up in Guangxi, Sichuan and Shanxi.Pilot funds for comprehensive reform have been established and signed in Shenzhen, Xi ‘an, Hangzhou and Qingdao.Hebei, Henan, Guangxi, Tianjin and other places have established credit security funds.On March 24th, Changjiang Venture Capital Fund Management Co., Ltd. and Changjiang Industrial Investment Fund Management Co., Ltd. held the awarding ceremony.These two companies are important achievements of the reform and reorganization of CHANGJIANG Industry Investment Group.Changjiang Industry Group set up the parent fund of Changjiang Venture Capital by coordinating the former equity investment guide fund and venture capital guide fund, with a scale of 10 billion yuan, mainly cultivating and incubating small and medium-sized enterprises in the field of high-tech.On the basis of the former Industrial Fund for the Yangtze River Economic Belt, the Yangtze River Investment And Investment Fund was renamed and set up with a scale of 40 billion yuan, mainly responsible for attracting provincial strategic major industrial projects and the development and expansion of leading enterprises.On February 18, Guangzhou Industry and Investment Group, together with guangzhou Radio Group, Guangzhou Guangshang Capital, Pearl River Industrial Group, Baiyun Mountain, Pearl River Beer and other municipal state-owned enterprises, completed the filing procedures of the “Guangzhou State-owned mixed reform Phase II Fund”.Contributed 407 million yuan, the fund will build around guangzhou the strategic orientation of national important central cities, and deepen the state-owned assets of state-owned enterprises reform, optimizing the layout of state-owned economy, to develop a mixed sector of the economy, enhance the vitality of state-owned economy, influence, international competitiveness and ability to resist risks, to promote state-owned capital and stronger do best do big, promote the value of state-owned assets.In addition, Shanghai will set up a Shanghai Mother Fund for State-owned capital investment, which will focus on supporting major strategies, functional distribution of state-owned assets, reform, innovation and development of State-Owned enterprises, and structural optimization and adjustment.”With the deepening of the reform of state-owned assets and state-owned enterprises, state-owned capital investment and operation companies speed up the development, state-owned capital fund is undoubtedly one of the key means of capital operation.”Liu Xingguo, a researcher at the Research department of the China Enterprise Federation, said the establishment and operation of state-owned capital funds will help promote the reform of state-owned enterprises, promote the common development of non-public capital, and stimulate the vitality of the capital market.Wu Gangliang, a researcher at the China Society of Enterprise Reform and Development, said that equity investment funds, as a tool for state-owned capital operation, can help State-Owned enterprises “deleveraging”, lead social capital to participate in the mixed reform of state-owned enterprises, improve the ownership structure and corporate governance of state-owned enterprises, and promote the transformation of operating mechanism.”By the end of 2021, Guoxin fund has helped the enterprises it invests in complete more than 300 comprehensive reforms such as the tenure system for managers, contractual management, professional manager system and equity incentive, playing a positive role in serving the reform of state-owned assets and soes.”Zhou yubo said.Hao Huihui, a researcher on SOE property rights transactions at the Data center of Zhibo Consulting on SOE reform, said that as the role of funds becomes more prominent, the scale of state-owned capital funds will gradually expand, leading more private capital to participate in the reform.In Wu Gangliang’s view, in order to standardize the development of state-owned capital funds, the relevant departments should introduce state-owned equity investment funds related guidelines, formulate the list of state capital advance and retreat.